Boston, MA 03/24/2014 (wallstreetpr) – Vermilion Energy Inc (NYSE:VET) closed up on Friday as the company announced last week that it has entered into an agreement with southwest Saskatchewan producer to acquire its assets and apparently creating a new area for the company in the prolific Williston Basin. The total consideration for this deal stood at $400 million, including $345 in the form of Shares and $55 million assumption of debt. The deal is remarkable as in exchange of this $400 million, Vermilion will get 57,000 net acres of land, 10.3 million boe of proved reserves, 16.5 million boe of proven and probable reserves, seven oil batteries and preferred access to 50% or more at a gas facility, which is presently under construction. With this acquisition, Vermilion Energy Inc (NYSE:VET)’s revised production outlook goes up to 47,500-48,500 boe per day for the year 2014 now.
Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF) was on a reversal on Friday, a day later to its surge on account of above average trading volume. The shares of the company came down by $0.03 to $2.41 on Friday. Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF) functions via its subsidiaries and has some strengths in areas like valuation and revenue growth, but suffers from poor profit margins and a very high debt level.
Edison International (NYSE:EIX) was trading higher on Friday as the public utility company fixed March 27 as the date for negotiating to settle costs pertaining to its existing dysfunctional San Onofre Nuclear Generating site located in California. Edison last announced the closure of the plant in June after regulators pressed the company to shut down the plant post leakage of radioactive water. As a result of which, the company accrued liability of $2.1 billion as plant operation costs along with $1.3 billion standing due towards potential consumer refunds. Therefore, starting a negotiation to settle and move over the incident is definitely a big step forward by Edison International (NYSE:EIX) and if a settlement is closed, then the company is expected to record a charge of $155 million pre-tax in the first-quarter of 2014.
